Ethereum News Today: NEIRO Memecoin Hits Key Moving Averages 200-Day Support as Bullish Harmonic Pattern Emerges

NEIRO, a memecoin built on the Ethereum (ETH) blockchain, is showing signs of a potential bullish breakout following the formation of a key harmonic pattern. Analysts have noted that the price structure on the daily chart suggests a possible continuation of the upward trend, which could lead to a significant price increase in the near future. The memecoin, which has already started to recover from a recent dip, is currently trading at approximately $0.0003923, having moved above its 200-day moving average—a key indicator of renewed strength [1].

The harmonic pattern in question is a Bearish Butterfly, a configuration that often precedes a strong bullish continuation in the final leg of its formation. This pattern began at point X (~$0.0003048) and has moved through several key price levels, including a rebound to point B (~$0.000771) and a subsequent drop to point C (~$0.0003585). The recent price action indicates a recovery phase, with the price now approaching its 100-day moving average at $0.0004335 [1].

If NEIRO is able to break above the 100-day moving average and continue following the projected harmonic structure, it could target the Potential Reversal Zone (PRZ) near $0.0008175. This level represents a potential 109% increase from its current price. However, the validity of the bullish scenario depends on NEIRO maintaining key support levels at the 200-day moving average and the C point (~$0.0003585). A breakdown below these levels could invalidate the pattern and delay any potential upward move [1].

Ethereum itself has also shown signs of recovery, with ETH bouncing back near $3,750 after dipping to a low of $3,357. This broader market movement has contributed to a cautious return of investor confidence, creating a favorable environment for memecoins like NEIRO to see renewed interest [1].

It is important to note that the analysis is based on technical indicators and harmonic pattern formations, and does not constitute financial advice. Investors are encouraged to conduct their own research before making any investment decisions [1].

Source: [1] First Neiro on Ethereum (NEIRO) To Rise Higher? Key Harmonic Pattern Signals Potential Upside Move (https://coinmarketcap.com/community/articles/68947d51ab27187a281f7a4a/)